Shell Plc said the performance of its oil and gas trading operation recovered, after struggling with geopolitical volatility in the second quarter.

The division’s performance was “significantly higher” for gas and “higher” for oil in the third quarter, the company said Tuesday in a statement ahead of earnings results later this month.

It’s a bounce back for a business that’s often one of Shell’s biggest profit boosters. Chief Executive Officer Wael Sawan had linked the previous quarter’s “significantly lower” trading earnings to volatility that was driven more by geopolitics than by supply and demand fundamentals, leading Shell to dial back risk.

For most of the third quarter, Brent crude futures traded within a narrow band between $65 and $70 a barrel.

Shell also wrote down $600 milli

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